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Until Zynga has its initial public offering sometime this fall or early next year, the only Facebook appmaker on the public markets remains a little company out of New York called Snap Interactive.

By little, we mean tiny: Snap's market cap is just over $40 million. Snap shares are trading at over a dollar, but you might call it a penny stock.

Snap reported its second quarter earnings earlier this week. It showed growth for the ninth straight quarter, reporting revenues of more than $4.82 million. That's growth over $3.7 million last quarter and $2.7 million the quarter before that. Snap now has an annualized revenue run-rate of more than $19 million. Net loss increased to $632,868 compared to a net loss of $68,861 during the same quarter a year ago.

Snap has some iPhone apps, but its main product is still a free-to-try, pay-to-upgrade Facebook-based dating application called Are You Interested. President and CEO Cliff Lerner says the app's appeal is that it is "very lightweight and flirty so people aren't embarrassed if their friends find out about it."

Snap's other core competency is acquiring new users through Facebook ads and getting a good return on investment. The key is that the company can filter Facebook's demographic data to find "that particular type of user that is profitable for us."

That's what Zynga is good at too, by the way: buildling apps and getting ROI on Facebook ads. The difference is that Zynga has hundreds of millions of dollars to fuel its user-acquisition engine. Snap only has $9 million in cash, and that's after raising $8 million in a private placement investment earlier this year. After its IPO, Zynga's market cap will be between $15 billion and $20 billion – about 375X Snap's size.

The good news for Snap is the one of its two core competencies – ad-buying – is completely scaleable. If it really has cracked the code on Facebook user-acquisition, all it needs to do to scale is take a take some kind of huge investment and pump the money like fuel through the marketing engine.